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This document is a Joint Venture / Consortium Agreement to Supply Products. It is a detailed agreement entered into by three parties: the JV Leader, Participant 1, and Participant 2. The purpose of this agreement is to establish a joint venture in order to produce and sell products, as well as study and develop new products. The agreement includes various definitions, such as the meaning of 'agreement', 'customers', 'territory', 'day', 'defaulting participant', 'document', 'joint venture', 'JV leader', 'local representative', 'participants', 'participant's representative', 'month', 'policy committee', 'production agreement', 'project', and 'works'. The agreement also includes provisions for the interpretation of terms, the establishment of the joint venture, the production and operation of the joint venture, the production agreement, the language of the agreement, exclusivity, executive authority, documents, personnel, assignment and third parties, severability, participant in default, duration of the agreement, liability, insurance, promotional and project costs, profits, losses and remuneration, financial administration and accounting, guarantees and bonds, dispute resolutions, notices and service, entire agreement, amendment, and no rights of third parties. The agreement also includes schedules that provide additional information, such as project and agreement particulars, financial administration services, allocation of obligations, and financial policy and remuneration.
1. Establish the Joint Venture: Agree on the terms and conditions of the joint venture, including the purpose, responsibilities, and obligations of each participant.
2. Define the Production and Operation: Determine the scope of work, time schedule, and obligations of each participant in the production agreement.
3. Establish the Policy Committee: Appoint representatives from each participant to form the policy committee, which will make decisions on the policies of the joint venture.
4. Handle Financial Administration: Determine the financial administration services, including accounting procedures, joint venture/consortium invoices, bank accounts, and handling of advance payments.
5. Allocate Obligations: Specify the obligations to be fulfilled by each participant, including responsibilities for establishment, procurement, recruitment, and other matters.
6. Determine Financial Policy: Establish the financial policy, including reimbursement of promotional costs, payment schedule, and sharing of profits and losses.
7. Ensure Insurance Coverage: Maintain insurance coverage for legal liabilities arising from works or technology.
8. Follow Dispute Resolution Procedures: Adhere to the dispute resolution procedures outlined in the agreement.
9. Serve Notices: Ensure that all notices under the agreement are served in writing and in accordance with the specified methods.
10. Comply with the Entire Agreement: Understand that the agreement sets out the entire agreement and supersedes any previous agreements or understandings.
11. Seek Amendments: Seek written agreement from all parties for any variations or amendments to the agreement.
12. Protect Confidential Information: Maintain confidentiality of information obtained through participation in the joint venture.
13. Termination of the Agreement: Understand the circumstances under which the agreement may terminate.
14. Indemnify and Insure: Indemnify and keep indemnified the other participants against legal liabilities and maintain appropriate insurance coverage.
15. Keep Financial Records: Keep accurate financial records and comply with relevant tax and social security obligations.
16. Provide Guarantees and Bonds: Provide guarantees and bonds as required by the joint venture.
17. Follow Jurisdiction and Notice Requirements: Adhere to the jurisdiction clause and serve notices in accordance with the specified methods.
18. Understand No Rights of Third Parties: Understand that third parties have no right to enforce any terms of the agreement.
19. Follow the Amendment Process: Seek written agreement from all parties for any variations or amendments to the agreement.
20. Recover Promotional Costs: Determine how each participant will recover their respective promotional costs, if applicable.